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Have you seen the cost of tuition lately? This hit home for me
personally as my oldest child is heading off to college this
fall. While the options vary on how to pay for tuition, it is
certainly a challenge when a college degree can be equivalent to
the cost of a new home.

You may have heard of the proverb, "Give a man a fish and you
feed him for a day. Teach a man to fish and you feed him for a
lifetime." We have the perfect opportunity to implement this
powerful concept in helping our children pay for their own
college, rather than flipping for the bill ourselves.

There is a huge opportunity to involve your children in a
business to help pay for the cost of college, as well as teach
entrepreneurship and responsibility. In my practice over the
years, I have helped many clients start businesses with their
children.

Unbeknownst to my son -- until he reads this article -- I have
been planning for this fateful day when he leaves for college by
having him work in my business. Over the years, Dillon has been
my videographer and edited hundreds of my videos for YouTube,
Vimeo and my website.

With this special skillset this summer, we have been taking the
necessary steps to launch his business at BYU-Idaho this fall as
a wedding videographer. If things proceed according to plan, he
will:

Learn the steps to implement a business, even if he fails

Take responsibility serving clients and meeting deadlines

Experience the basics of entrepreneurship

Help pay for tuition or at the very least, earn some spending
money

Here are 10 basic steps we can take with our children to make
starting their own business a reality:

1. Choose a business concept. Choose something
with your student that he or she has a passion for and feels
confident they can handle. If you don't know what "business" to
start, Enterpreneur.com is consistently packed with home-based
business ideas, franchise opportunities and plenty of articles on
how to start the process of finding the perfect business for you
and your budding college student.

2. Nail down your product, services and pricing
model. Obviously, developing a business plan would be a
good idea, but don't let it stall the enthusiasm of your student.
Sometimes demanding a business plan before you move forward can
overwhelm your child. If you're going to require one, create it
together.

3. Give it a name and reserve your URL. It's
critical you decide on your company name and web presence at the
same time. The first thing your customers will do is Google your
business and want to find a description of it.

4. Develop your budget. Plan to keep the
business running for at least one semester and see what sales
your student can drum up during that time. This gives you a
testing period and can also limit your financial exposure. If you
see success, you can create a second phase for the next semester.

6. Make your social media presence known. Start
spreading the word immediately. I say this before even developing
the full marketing plan. It will help create a groundswell of
interest and support from your student's friends. This will also
help hold them accountable to follow through when their friends
ask, "How is your business coming?"

7. Develop a full marketing plan. You may be
able to skip a business plan if you are in a time crunch, but you
can't skimp on a marketing plan. This will need to be a detailed
list of all the ideas, strategies and concepts to create sales.
It will be fluid and evolve during the school year.

8. Design your strategic plan. I talk about this
extensively in my book What Your CPA Isn't Telling You. This
is the detailed plan with steps, deadlines and weekly and
monthly goals to accomplish during the semester.

9. Establish a schedule to follow at school. It
will be easy to get distracted with parties and fun, not to
mention class and homework. Without having a schedule to help
your student succeed, you are setting them up for failure. Remind
them it will be easier to get a job working for tips and minimum
wage at the local pizza joint, but being an entrepreneur can have
greater rewards and flexibility if they are self-disciplined.

10. Create your accounting system and possibly a legal
entity. A sole-proprietorship will probably be
sufficient unless this is a high-risk business like bungee
jumping. However, an accounting system will be critical and it's
a great time for your student to learn the basics of QuickBooks.

I can't explain in words how rewarding it's been for me working
on this project that past two months with my son. Getting him and
his business ready for college has truly brought us closer
together in a different way. We have had so many exciting and fun
conversations about business ownership and talking about my
college days when I owned a small business.

Be confident and explore this idea with your child as soon as
possible. Time is of the essence. I have seen many parents and
children bond through the experience of starting a business and
having an activity that brings a common vision and purpose.

In my opinion, these are the real classroom experiences of
college: being out in the community doing business.

By the way, if you're planning a wedding in southern Idaho this
fall, I may have the perfect guy to video your reception. I
promise the proceeds will go towards tuition.